Finally Moved to Fico from FAKO!

[umair]

Hello All.

I have finally decided to move from FAKO to Fico after all the reviews I signed up for score watch and also got a Transunion score

My scores are following as of today-

EQ- 655
TU- 640

I was flying in high 600's earlier.

I had to charge both my amex cards $300 each to pay for my car repairs.

Also I have some other cards which are close to 80% of their Limit

How do I know which card reports when so accordingly I can start paying all of them one by one

Idea is to get to 0 in the next 3 months max 5 months.

Any suggestion or help is appreciated.

BTW- I have an approved loan from GMAC for a trade in vechile which by the next week I would close on

Would this help me build my credit?

Will it shoot up in High 700's?

Thanks !

[jackg]

umair,

You've managed to ask many questions in a few words. Very efficient, congrats. Problem is I'm confused ( it's just a short walk to get there for me) as to what you want to accomplish.

If you want to improve your FICO score you have to pay down a big chunk of your debt because utilization accounts for 30% of your score, and you mentioned that you have othercards that are close to 80% of their limit. Without knowing how much money we're talking about it's hard to relate to 80% utilization other than to say it's way high.

How do you know when cards report balances due? You can cal and ask or follow the generally accepted rule of thumb I use which is that they report to the CRA's 3-5 days prior to the date the statement is printed.

But would'nt you want to prioritize who you pay first and most by the interest rate they charge you? It's your call. On the other hand if your plan is to pay off $600 in the next 3-5 months it really won't matter. It's only $600.

Regarding your question about a car loan. From what you've said you have 2 AMEX accts. and some "other" cards. How many? Are they truly CC's? FICO scoring likes diversity of credit suc as revolving, installment, mortgage, HELOC and so on. FICO attributes 10% of your score in this area. If you follow thru with this loan it will be installment credit and they day you sign the note your utilization will be 100% and will decrease monthly due to your payments. It's normal behavior, don't be alarmed by it. Eventually it will help your score but in the beginning you will take a hit because you're taking on new credit. From what I know in the info you posted your chances of hitting 700 are as godd as anyone's it's just a matter of time. Pay your bills on time=35and % of your score,length of credit history=15%, New credit=10%, as i stated earlier, payment history= 30%,and types of credit=10%

Good luck, I hope this info helps.

[Jazzzy]

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@jackg wrote:

umair,

How do you know when cards report balances due? You can cal and ask or follow the generally accepted rule of thumb I use which is that they report to the CRA's 3-5 days prior to the date the statement is printed.

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Ugh...do they really report 3-5 days prior to the date the statement is printed? I just paid a $9,000+ balance on the 18th on a card that should have a statement coming out tomorrow (the 21st). I know there are some exceptions, but I thought it was the statement balance that is normally reported.

Am I confused?

[jackg]

LynetteM

In my experiences yes, it's 3-5 days. What they report is pay history and balance due. I'm uncertain what you mean when you say "statement balance". Can you explain further?

[Jazzzy]

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@jackg wrote:

In my experiences yes, it's 3-5 days. What they report is pay history and balance due. I'm uncertain what you mean when you say "statement balance". Can you explain further?

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Statement balance = Balance due

[creditwherecreditisdue]

Who reports 3 to 5 days prior to the statement date?

[cobaltnv]

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@LynetteM wrote:

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@jackg wrote:

umair,

How do you know when cards report balances due? You can cal and ask or follow the generally accepted rule of thumb I use which is that they report to the CRA's 3-5 days prior to the date the statement is printed.

---

Ugh...do they really report 3-5 days prior to the date the statement is printed? I just paid a $9,000+ balance on the 18th on a card that should have a statement coming out tomorrow (the 21st). I know there are some exceptions, but I thought it was the statement balance that is normally reported.

Am I confused?

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In my experience my credit cards (BofA, Discover, Chase, FIA) all report the balance as of the statement date--that is the date the statement cuts (the statement balance as you mentioned). AMEX reports my balance as of the last day of the month.